IN BRIEF: CyanConnode signs formal agreement for Goa contract

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CyanConnode Holdings PLC - Cambridge, England-based developer of narrowband radio frequency mesh networks - issues update to announcements in April and May regarding the Government of Goa’s Electricity Department’s contract award for its smart meter project valued at around £70 million. Says formal contract agreement for this project to deploy approximately 750,000 smart meters is now signed. Explains the company’s subsidiary, DigiSmart Networks Private Ltd has received the letter of award for the project and has now incorporated a special purpose vehicle, GreenMeter Goa Private Ltd, which, together with DigiSmart, has now executed the formal contract agreement for the project. Following an initial ‘kick-off’ meeting held with the utility to commence the contract, the company is now engaging with subcontractors and planning the rollout of the smart meter deployment.

Current stock price: 7.99 pence, up 4.8% in London on Monday

12-month change: up 1.2%

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